Summary of Harvela Investments v. Royal Trust Company of Canada
Harvela Investments v. Royal Trust Company of Canada
The Royal Trust Company invited bids for its shares and then Harvela Investments made a bid of $2,175,000 while Sir Leonard Outerbridge bid $2,100,000 or $100,000 in excess of any other bids the company got. The shares were then given to him and Harvela brought an action challenging the validity of the bid. Leonard Outerbridge’s bid was held to be a referential bid which was invalid as it was a bid dependent for its definition on the bids of others. It was thus an invalid acceptance.
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